In another win for Brexit Britain, the UK has become the top destination for investment in financial services, according to EY. The UK pulled in a whopping 108 financial services projects last year, a sharp rise from 76 in 2022, leaving European competitors in the dust. Economists point to the post-Brexit regulation-slashing Edinburgh reforms unveiled last year for the surge in investment.

The so-called powerhouses of Europe, France and Germany, trailed behind in second and third place, securing a meagre 39 and 38 foreign direct investment (FDI) projects in 2023 respectively. The UK represented 28% of all financial projects in Europe. Anna Anthony, EY UK financial services managing partner, said:

“The UK didn’t just maintain its lead as the most attractive European financial services market last year; it extended it significantly.”

So much for the City armageddon that was promised…